Goldman Sachs: AIA Group (01299.HK) is expected to see a slowdown in new business value growth to 12% in the second quarter, maintaining a "Buy" rating.

According to Zhituo Finance APP, Goldman Sachs has released a research report indicating that it expects the new business value of AIA Group (01299.HK) to grow by 15% year-on-year in the first half of this year to USD 3.254 billion when calculated at actual exchange rates. The growth rate for the second quarter is expected to slow to 12% (in actual exchange rates), a decrease from 17% in the first quarter, primarily due to the high base effect in the Hong Kong market, rather than a slowdown in sales. The bank anticipates that Hong Kong's new annualized premiums and new business value will both see quarter-on-quarter growth in the second quarter. Goldman Sachs has raised its net profit forecast for the fiscal year 2026 by 12%, reflecting the strong performance of the stock market in the first half of the year, which has also led to a 2% increase in the book value forecast for 2026 to 2028. Based on a predicted embedded value of 1.4 times, the target price remains unchanged at HKD 97, maintaining a "Buy" rating.